DECONSTRUCTED HOME DEDUCTION DENIED Lawrence P. Mann et ux. v. United States; No. 8:17-cv-00200 Tax News – Bills / Cases / IRS

The IRS now maintains that the Manns are not entitled under § 170 to either the original $675,000 fair market value deduction or the amended $313,353 deconstructed value deduction. The IRS asserts that in donating the value of the House, the Manns donated only a part of their interest in the Property, and that such partial-interest donations are impermissible under § 170. In opposition, the Manns assert that they had a discrete interest in the House that could be and was properly and separately donated purs

Source: Tax News – Bills / Cases / IRS